Arc Logistics Component definition
Arc Logistics Component means, as of the determination date, an amount equal to the aggregate of the product of (a) the number common units representing limited partnership interests in Arc Logistics Partners LP directly held by a Loan Party that are subject to a perfected second priority Lien in favor of the Administrative Agent for the benefit of the Secured Creditors pursuant to the Loan Documents (subject only in priority to the Liens pursuant to the First Lien Loan Documents, and which Lien is perfected by “control” of the Administrative Agent (or the First Lien Administrative Agent as its gratuitous bailee) in accordance with the applicable Uniform Commercial Code including, without limitation, Section 8.106, 9.106 and 9.314 thereof) as of such day multiplied by (b) the Arc Logistics Unit Price as of such day.
Arc Logistics Component means, as of the determination date, an amount equal to the aggregate of the product of (a) the number common units representing limited partnership interests in Arc Logistics Partners LP directly held by a Loan Party that are subject to a perfected first priority Lien in favor of the Administrative Agent for the benefit of the Secured Creditors pursuant to the Loan Documents (which Lien is perfected by “control” in accordance with the applicable Uniform Commercial Code including, without limitation, Section 8.106, 9.106 and 9.314 thereof) as of such day multiplied by (b) the Arc Logistics Unit Price as of such day.